Marcus & Millichap: Palisades Park office building fetches $3 million

111 Grand Ave. in Palisades Park — Courtesy: Marcus & Millichap

By Joshua Burd

An outgoing owner-occupier has sold a 2,000-square-foot office building in Palisades Park, in a $3 million deal arranged by brokers with Marcus & Millichap.

In a news release, the firm said it represented the seller of the property at 111 Grand Ave. Located three miles from the George Washington Bridge, the building was 33 percent occupied at the time of the sale after being vacated by the outgoing owner.

Fahri Ozturk and Tyler Van Wagoner, investment sales specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller.

“Through Marcus & Millichap’s national exposure, we were able to align a qualified investor who intends to lease the building to its full potential,” Ozturk said. “Prior to the closing, we also assisted the seller and the buyer to sign a lease with a credit tenant that occupied the entire first floor.

The property features 14 separate suites that range from 186 square feet to 6,000 square feet, the news release said. There are 46 parking spaces, 29 of which are covered, while the building is 7.5 miles from the Lincoln Tunnel.

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.